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EU expects GDP to return to pre-pandemic levels in 2022

Credit: Belga

The EU’s economy should be back to old levels next year, according to the European Commission’s winter economic forecasts, which predict that the eurozone economy will grow by 3.8% in both 2021 and 2022.

“There is, at last, light at the end of the tunnel,” said European Commissioner for the Economy Paolo Gentiloni.

“As increasing numbers are vaccinated over the coming months, an easing of containment measures should allow for a strengthening rebound over the spring and summer. The EU economy should return to pre-pandemic GDP levels in 2022, earlier than previously expected,” he noted.

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For Belgium, growth is expected to be 3.9% this year and 3.1% in 2022.

As with previous economic forecasts, however, the Commission warned that its forecasts are characterised by a high degree of uncertainty, given the multiple risks associated with the evolution of the pandemic and the effects of the EU’s vast post-coronavirus recovery instrument.

The Brussels Times